Rare Earth Magnets Market 2019: COVID-19 Impact Analysis, Industry Overview, Growth Rate, Trends, Opportunities and Forecast

The global rare earth magnet market has grown at a CAGR of 7.45% during 2011-2018, reaching a value of around USD 12.62 Billion in 2018. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.

Rare earth magnets are strong permanent magnets made from the alloys of rare-earth elements and were developed in the 1970s and 1980s. Rare-earth elements are ferromagnetic in nature which can be magnetized like iron. Unlike, ferrite or alnico magnets, rare-earth magnets have comparatively higher magnetic field strength and magnetic stability. However, these magnets have a lower Curie temperature due to which they exhibit magnetism only at low temperatures. Therefore, in order to enhance their natural magnetic properties, rare-earth magnet compounds are mixed with transition metals like iron, nickel and cobalt, which have higher Curie temperatures.

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The major factor which has contributed to the growth of the market is the lack of substitutes for rare earth magnets. Some of the other factors which have influenced the market in recent years include the initiatives undertaken by governments to encourage the use of eco-friendly technologies to reduce carbon emissions and the increasing awareness about advanced energy technologies among the consumers.

Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Highlights of the Global Rare-Earth Magnet market:

Rare-earth magnets are made from the alloys of the rare-earth elements and represent the strongest type of permanent magnets
There are two types of permanent magnets - samarium cobalt (SmCo) magnets and neodymium-iron-boron (NdFeB) magnets
China is the largest producer of rare-earth magnets.

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/rare-earth-magnet-manufacturing-plant

The report by IMARC Group has examined the global rare earth magnets market on the basis of:

Market by Type:

Neodymium-iron-boron magnets (NdFeB)
Samarium cobalt magnets (SmCo)

Region:

China
Japan
Europe
USA

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.